1st Quarter Report - Jamaica Stock Exchange

1 www.jamaicanteas.com1st Quarter Report

Board of Directors’ Commentary

JAMAICAN TEAS LIMITED

First Quarter Results December 2020

Group Sales rose 41 percent to $611 million and profit

attributable to the Group’s shareholders jumped 321

percent to $117 million. The improved profit result is

even more outstanding when viewed against the

backdrop that Jamaican Teas’ profits are now fully

taxable, compared to the 2019 quarter that was taxed

at 50 percent of the normal rate.

Export sales almost doubled from a year ago. The Real

Estate Division contributed to the improved profits

following completion of our Manor Park apartment

complex. QWI continued to benefit from improved

investment performance, resulting in the equity portfolio

delivering a $143 million increase from dividends and

capital appreciation for the quarter.

Manufacturing

The highlight for the quarter was the strong gain in our

export sales, which rose 88 percent over the prior year,

accounting for 64 percent of total manufacturing sales

in the quarter. This contributed to manufacturing sales

climbing 48 percent to $428 million. Domestic sales

increased 7 percent compared with a year ago, another

good performance against the background of continued

decline in the wider economy. This was an acceleration

in the growth rate seen in our fourth quarter of the

previous financial year.

Investments

During the quarter, improvement in the prices of stocks

on the Jamaican and US Exchanges continued with the

stronger performance in the latter. This has resulted in

realized and unrealized investment gains for QWI of

$132 million, along with dividend income of $10 million,

resulting in a profit of $116 million after operating

expenses but before tax, and $86 million after tax versus

a loss of $94 million in the year ago quarter.

Our expectation is for a continuation of the trend in this

financial year as economic performance locally and

overseas continues to recover from the dislocations of

2020 caused by the Covid-19 pandemic.

Retail

The Supermarket’s contribution to the Group’s results

was reduced, due to the continued curfew restrictions

on its hours of operation and the closure of most

schools.

First quarter revenues amounted to $135 million versus

$142 million a year ago. The rate of sales decline was

reduced progressively as the quarter elapsed, but the

store will not achieve its full sales and profit potential

until it can return to its former hours of operation, and

schools and businesses in Kingston return to their

previous levels of activity. The division remains

profitable.

The Jamaican Teas Group enjoyed an outstanding first quarter with rising sales

and profits. The robust performance was fuelled primarily by strong growth in

exports and positive contribution from our Investment Division.




(Continued)

Real Estate

This division completed two more sales and booked the

income at Violet’s View, Manor Park, during the quarter.

We have signed contracts for the rest and expect to

record sales for the last four apartments in our second

quarter.

EXPENSES

The increase in Cost of Sales for the quarter largely

matches the increased revenues.

The decrease in marketing expenses for the quarter

mainly reflects the cost of launching the new Caribbean

Dreams Select line of tea during the year ago quarter,

with no such event this year.

The increase in administrative costs is due mainly to

staff compensation costs and increased provisions for

expected credit losses in the quarter.

Interest expense declined during the quarter resulting

from lower interest rates on borrowings at Jamaican Teas.

NET PROFIT

Profit before tax moved from a loss of $64 million a year

ago to a profit of $231 million.

Taxation moved from a net tax credit last year to a net

charge this quarter of $50 million. Part of this swing was

the result of the reversal in QWI’s profits from loss to

profit, which caused the deferred tax to move from a tax

credit to a tax charge.

In addition, Jamaican Teas accrued income tax at the

full 25 percent rate applicable to unregulated companies

following the expiry of the Junior Market partial tax

exemption enjoyed up to its expiration in July 2020.

Net profit for the quarter attributable to shareholders

was $116.5 million compared with a net profit of $27.7

million in the previous year quarter and resulted in

earnings per share of 5.5 cents, 323 percent above the

(2018/9 – earnings of 1.3 cents).

SIGNIFICANT BALANCE SHEET ITEMS

During the Quarter:

• Shareholders approved the 3 for 1 stock split of

Jamaican Teas shares, and this split took effect on

30 November 2020

• The Company made a capital distribution of 6 cents

per share (pre-split adjusted) in October 2020

• QWI increased its investment in Jamaican Teas by

purchasing almost 34 million shares (split adjusted)

in the Company

• Jamaican Teas purchased almost 43 million shares

in QWI.

Outlook and other Developments

Since the quarter end, Jamaican Teas purchased an

additional 30 million shares in QWI, increasing its

holding to 309 million shares or 22.6 percent of QWI’s

issued and outstanding shares. Combined with KIW’s

almost 18 percent stake, we now own 40.6 percent of

QWI. Your Company made these various investments as

we believed that buying QWI shares at an average price

of 75 cents per share when the Net Asset Value (NAV) of

QWI’s shares was well over $1.15 would provide a good

return for Jamaican Teas’ shareholders.

The Realty Division’s project at Belvedere is proceeding

apace with foundation work and some floors and walls

already in progress. Completion is targeted for the end of

2021, with sales commencing in the calendar year 2022.

Manufacturing sales after the end of the quarter were

15 percent higher in the first 28 days of January

compared with a year ago, and our quoted investments

continued to improve with QWI’s NAV per share rising to

$1.18 at 22 January 2021, up from $1.15 at the end of

December 2020.

Your Directors have taken note of the 46 percent

increase in Jamaican Teas’ share price from $1.94 on

30 November 2020 to $2.85 on 22 January 2021.

At QWI, the share price has increased 20 percent from

73 cents on 30 November to 88 cents on 22 January

2021.

Annual General Meeting

Our AGM will be held on 30 March 2021, at the Jamaica

Pegasus Hotel, and we look forward to seeing you there.

The meeting will be live-streamed at

http://jamaicanteas.com/agm




(Continued)

We extend our thanks to our employees, shareholders and our customers for their continued support of our Group.

John Jackson

Chairman

John Mahfood

Chief Executive Officer/Director

1 February 2021


Unaudited Consolidated Statement of

Profit and Loss


Quarter Ended 31 December 2020

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Unaudited Consolidated

Balance Sheet

JAMAICAN TEAS LIMITE


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Segment Results


Unaudited to December 2020

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Unaudited to December 2019

Documents

1st Quarter Report - Jamaica Stock Exchange